grand gallery (main level) room c - great lakes...
TRANSCRIPT
Great Lakes Fruit, Vegetable & Farm Market EXPO Michigan Greenhouse Growers EXPO
December 6-8, 2011
DeVos Place Convention Center, Grand Rapids, MI
Achieving Success in A New Economy: Ten Tips to Top – Notch Performance for Greenhouse Retailers
Where: Grand Gallery (main level) Room C
Moderator: Thomas Dudek, Senior Greenhouse Educator, MSU Extension
9:00 am Achieving Success in a New Economy: In this tough economy, even the mediocre
business is threatened with extinction. These 10 tips can help your business create and
sustain a differentiable advantage in the marketplace. Learn what adaptable businesses
do to stay at the cutting edge of innovation and profitable performance.
Bridget Behe, Horticulture Dept., MSU
9:50 am Session Ends
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Bridget K. Behe, Ph.D.
Professor, Dept. of Horticulture
Michigan State University
Quality of Life1. Economic benefits
a. beautificationb. job creationc. reduced health care costs
2. Environmental benefitsa. carbon sequestrationb. attract wildlife, biodiversityc. energy saving
3. Well‐being benefitsa. concentration and memoryb. accelerates healingc. therapeutic effects
Three Key Strategies for Competing in Business
Operational Excellence
Customer intimacyProduct leadership
Treacy & Wiersema’s Value Disciplines
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Product Life Cyclero
duct
ion
Gro
wth
rity
Dec
line
Time
0
Intr
Mat
ur
Sales
Profits
The one number you need to grow.December 2003 HBR had an article that was simplistic and valuable (The One Number You Need to Grow, Harvard Business Review, 81[12]:46‐54).
Q i k H lik l Question to ask: How likely are you to recommend us to a friend?
Use a 10‐point scale for the recommendation to a friend, where 9= “extremely likely” to recommend, and 0= was “not at all likely to recommend.”
Ask for a recommendation! Customers who responded with 8 or 9 are Promoters.
People with a 6 or 7 are Passively Satisfied, because while they were happy, they weren’t as willing to put their own y g preputation on the line and recommend the business to a friend or colleague.
The Detractors responded with a 5 or less.
Your target is 3 Promoters : 4 Detractors.
5. What are our financial metrics? What do we know about the finances?
Who knows about the finances?
Upper management?
l Key employees?
No one?
What does our financial dashboard look like?
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Sales
COGS
Expenses
Gross Profit
Net Profit
Sales
Net Profit Margin
Mar
gin
Man
agem
ent
ent
Cash
Accounts Receivable Total Current Assets
Sales
StrategicProfitability
Model
Return on Assets
AssetTurnover
Ass
et M
anag
eme
Lev
erag
e
Accounts Receivable
Inventory
Total Current Assets
Fixed Assets
Total Assets
Accounts Payable
Notes Payable
Other
Total CurrentLiabilities
Long Term Liabilities
Total Liabilities
Net Worth
TotalLiabilities
andNet Worth
Net Worth
Leverage
Returnon NetWorth
Do you have a smart phone?
58.1 59.460
70
80
90
100
Millenial
38.2
17
0
10
20
30
40
50
Have Smart Phone
Gen X
Gen Y
Boomer
May 2011 online study of U.S. residents only, n= 1686
First Break All The Rulesby Marcus Buckingham & Curt Coffman Do I know what is expected of me at work? Do I have the materials and equipment I need to do my work right? At work, do I have the opportunity to do what I do best everyday? In the last seven days, have I received recognition or praise for doing
good work? Does my supervisor or someone at work seem to care about me as a
person? Is there someone at work who encourages my development? At work, do my opinions seem to count? Does the mission/purpose of my company make me feel my job is
important? Are my co‐workers committed to doing quality work? Do I have a best friend at work? In the last six months, has someone at work talked to me about my
progress? This last year, have I had the opportunity at work to learn and grow
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9. Train your people Everyone has the potential to train and everyone has the ability
and responsibility to learn.
Whether it is a weekly meeting or regular time set aside each week, training should not be relegated to the slow times.
Employees should take turns at training others about some key Employees should take turns at training others about some key aspect of their job. From answering the telephone to submitting a request for vacation or what to do in the event of a fire – we can all use a refresher about how to act.
Use different methods of teaching during training; don’t just ‘show and tell.’ You can practice, role play, take turns completing steps, or have employees give it a try. Depending on what the training session involves, there are lots of ways to teach others how to do aspects of your job.
It wasn’t the restrooms or the floors;It was the shopping experience that frustrated and challenged customers. They had problems or needs, and often weren’t sure what to buy to solve the problem. “We found that we had been hiring people who were more comfortable with their backs, rather than their bellies, to the aisle.”
10. How can we partner with suppliers or customers? We can’t think “win/lose” but must think “win/win.”
Reflecting on core competencies and considering your “new” definition of value, how or where can you partner?partner?
Perhaps it is in leveraging dollars for collaborative advertising.
Perhaps it is in leveraging labor to help you both understand a trend, situation, or work on a solution.
Perhaps it is in leveraging resources to lighten the load of both.